What is behavioral biometric authentication, how does it work, and why should you be interested?
With so many different KYC products in the marketplace, it can be overwhelming and confusing to determine which KYC product will help your business do its due diligence without breaking the bank or slowing onboarding times to a crawl.
User ratings applaud Prove’s innovative technology solutions for identity authentication, identity verification, and fraud prevention
The financial services industry is still finding its footing in open banking.
As incumbent companies continue to maneuver the demands of consumers, many of them are betting on a tech/mobile-forward approach to help retain satisfied users.
Several promising players now use AI to solve some of the major problems for customers in the banking and financial services industry.
The Ecosystem, Consumer & Wholesale Payments, and the Application of New Technologies
One of the elements of financial well-being is finding adequate insurance for the gig workers.
Healthcare in the US is a hotly debated topic, and the space is incredibly fragmented. But, can FinTech help save the US healthcare system?
FinTechs and financial institutions have their sights set on Gen Z. Many of them are graduating, gearing up to join the workforce, and are ready to invest!
Global investments in FinTech ventures tripled to $12.21 million in 2014, which means FinTech gained significant momentum and became a hot spot attracting a lot of attention.
Partnership aims to protect vulnerable and targeted populations from exploitation and abuse by leveraging digital identity expertise
PSD2 is part of a global trend in banking regulation that aims to foster market competition, innovation, and security.
Banking has now become data-driven, and service delivery channels have been digital for the most part.
While a plethora of challenger banks and neobanks have preferred to build their core platforms in-house, the game is not lost for traditional platform providers.
SDK.finance, a European software FinTech vendor, reveals the strategic options of partnering with banks for PSD2 implementation.
Spectacular growth has made Tinkoff the third-largest bank in terms of the number of customers.
PSD2 aims to reduce the entry barriers for a FinTech firm and enhance consumer protection & convenience.
A look at an exciting development in the neobanking space, one that is aimed at boosting the financial freedom of players in a conventionally underserved segment – small and medium enterprises, otherwise known as SMEs.
Digital ‘Banking-as-a-Platform’ solution delivers instant PSD2 compliance for banks, mitigates digital payment risks, and eliminates disintermediation.
Banking, which is a heavily regulated industry, is changing partly due to regulations and also due to new players and tech-led experiences they are bringing to the customers. Among these regulations, one such regulation has the potential to change banking forever: Open Banking.
Open Banking initiatives bring technology to the forefront of finance by encouraging (sometimes even mandating) secure underlying account data sharing by banks.
With automated systems and digital processes embedded in almost every modern bank’s service offering, it is interesting to observe the many transformations that technologies like AI and Open banking have brought into the industry.
Neobanks are providing a digital version of traditional banking and innovatively working on building customer-centric products as part of their collective mission to build trust in new-age FinTech banking services.
Neobanks are viewed as a direct challenge to the status quo of the established traditional banks, with their lower cost structure and hyper-personal customer experience.
A transformation in the banking industry was due – and neobanks are bringing that transformation.
Monese is a UK-based startup that targets immigrants who experience daunting tasks in opening a UK bank account as a foreigner.
FinTech startups worldwide raised $3.21 billion in funding in August 2019 across 173 VC funding deals.
As reported by Aite Group, only 32% of more than 1,000 US companies indicated they used mobile banking services.
A perfect storm of lowered IT costs and changing consumer tastes are putting banks in the position to play the Facebook role, for once. With the right strategy, banking providers of all sizes can now claw mobile users and engagement away from non-bank financial apps and capture more customers and revenue in the process.
Millennials constitute more than a quarter of the US population. That is why companies across industries turn their priority and attention to creating products that can cater to this significant group.
Digital banking has gone mainstream, but it has become the only point of contact between banks and their customers in many cases.
There is no consensus on the level of tech innovation in the international or cross-border money transfer and payments industry.
For traditional banks that are trying to change themselves, they find that the digital transformation process is a long-drawn exercise that involves cultural change and organizational change apart from just the technology changes.
A 2015 research report on the smartphone industry in the US states that 64% or two-thirds of Americans have a smartphone. This is indeed a 35% rise in the past four years.
The rise of the ever-growing relationship between technology and financial services is bringing significant changes to the banking industry, which is becoming a battleground where competition is developing to be increasingly multifaceted.
Anyone who has ever cashed in a cheque would have realized how cumbersome and lengthy the process is given the digital age we live in.
Under the Payment Services Directive (PSD2), the digital revolution of making payments online is now regulated at a community level.
The European Banking Authority (EBA) has published its ‘final’ draft Regulatory Technical Standards (RTS) on Strong Customer Authentication (SCA) and secure communication under PSD2.
Neobanks and challenger banks raised more than $300M of investments in the last year.
2016 has seen a shift in banking innovation and the payments space to accommodate the evolving consumer.
Here’s a list of mobile-only banks that are defining the industry today:
This article will analyze the top five European banks that have been investing significantly in FinTech startups since 2018.
Over the next few years, chatbots will take on a bigger role within the remittance industry.
The insurance industry constantly changes to accommodate complicated new regulations and a changing competitive landscape.
A look at the investment and acquisition deals of 2018.
This article explores what is new from the AI and ML desk to help FIs in fraud detection and prevention.
Peer networks play an essential role in delivering financial services nowadays, bringing social into traditionally corporate-dominated industries.
With technology companies opening new opportunities in the banking and insurance industries, it’s never been more critical to understand the risks they carry along.
FinTech startups are growing at a staggering rate. One of the reasons they are so successful is that they offer alternatives to conventional financial solutions.
Advanced voice technology will soon be ubiquitous, as natural and intelligent UI integrates seamlessly into our daily lives.
The cost of misconduct is defined here as costs borne by banks in connection with imposed penalties, paid settlements, costs of regulatory proceedings, customer compensation, and other relevant costs.
According to some estimates, more than 75% of US adults participate in customer loyalty programs like those offered by credit card companies, hotel chains, and retailers.
FinTech is not a disruptive force (and blockchain is not a disruptive technology). Instead, it’s the history of institutional banking repeating itself.
A study of 22 banks (institutions + digital-only) across APAC, Europe, and the Middle East analyzing digital onboarding methods & eKYC techniques for opening bank accounts found that OTPs and selfies were the most prevalent modern identity verification methods for digital onboarding among those banks.
Brandwatch, in collaboration with Twitter, just released the results of a very curious study analyzing billions of conversations on one of the most vibrant social media channels.
2FA protects online accounts from data theft even if the user ID and password are compromised.
While it is not hard to imagine banks and FinTech startups in a beautiful friendship, the task is a bit more complicated for bank-bank relationships.
Steps crypto exchanges can take to address them in order to mitigate fraud while also improving the customer experience for new users.
Apart from being the lifeline of manufacturing, retail, agriculture, and other vital industries, SMEs contribute massively to a country’s international trade.
Most SMBs are affected by some application of financial technology, whether they know it or not, and FinTech is changing how small businesses meet cash flow concerns within their business.
There is enough said about the scale of the FinTech industry, its inclusive agenda, and massive surrounding ecosystem.
Banks have traditionally been a custodian of customer relationships in the SME lending space, but after the global financial crisis, there has been a significant reduction in their risk appetite.
A list of blockchain-powered trading platforms
The term cash-replacement typically refers to a myriad of products such as debit cards, prepaid cards, credit cards, etc., that effectively enable a transaction without cash or (almost) replace cash.
International payments are not optimized for microtransactions. A foreign withdrawal from an ATM may be charged up to 5%.
M-commerce, given its relatively one-dimensional nature involving the consumer and a provider, is relatively easy to figure out. However, after years of trial and error, some of the challenges related to the technology for m-payments are gradually falling into place.
If you happen to be pro-bitcoin, there is no reason to get alerted. Fraud is not a biased matter, and fraudsters do not target cryptocurrency in particular just to sink bitcoin itself and put an end to the era of the cryptocurrency.
Advanced machines, devices, and technological capabilities have had a significant transformative effect on the financial services industry,
When Robinhood embarked on a mission to democratize online trading and end Wall Street firms’ practice of charging fees for executing trades, many thought it was impossible; few also said that this was an unsustainable model and predicted its failure.
The Internet of Things (IoT) is no longer a new buzzword in the industry as it is successfully making its way into our daily lives through smartwatches, cars, refrigerators, thermostats, and smart bulbs.
Imagine an international trip from the US to China, India, and the UK, where you can make purchases through your credit cards without paying any foreign transaction fees.
Globally, access to finance remains one of the most significant constraints to SMEs’ growth, productivity, and even survival – and to the critical jobs they create. The SME
Technology has become a defining factor in the financial services industry, and traditional financial institutions are experiencing competition from unexpected rivals.
Centralization is a natural response of any industry to increasing complexity and globalization and a natural push towards efficiency.
There is much more in the payments space that has a more significant impact yet gets less talked about. We look at some of these segments today in this article.
RegTech as a segment has been witnessing immense interest and activity in the recent past – be it due to the enormous fines for non-compliance being imposed by regulators across the world.
One of the most aggressive and swollen financial industry segments is investment banking.
BBA, Payments UK, the Council of Mortgage Lenders, the UK Cards Association, and the Asset Based Finance Association are set to merge their efforts to create a more substantial lobbying power, backed by nine British banks, including HSBC, Lloyds and Barclays, and building society Nationwide.
The PSD2 (Revised Payment Service Directive) – going to be implemented across SEPA (Single Euro Payments Zone) in 2018 – will bring about many changes to how financial services are delivered to customers.
Success in FinTech is often comparable to a hike without a backpack in a company of experienced hikers who carry large sacks with water and snacks and are willing to share when necessary. In the case of FinTech, experienced companions are the bank investors.
There is a high-margin segment in the banking value chain space that FinTech has stolen away: lending.